Retired Registered Saving Plan (RRSP)
A Registered Retirement Savings Plan (RRSP) is a tax-deferred account designed specifically for retirement savings. Any resident of Canada under the age of 71 who has earned income may establish and contribute to an RRSP. In general, an individual’s RRSP contribution limit is determined by taking the lesser of 18% of the individual’s previous year’s earned income and the current year’s RRSP dollar limit. Check your last year of assessment from CRA to determine your RRSP Contribution. Money contributed to a company pension plan and unused contribution from previous years adjust an individual’s contribution room.
Tax-Free Savings Account (TFSA)
A Tax-free Savings Account (TFSA) is a great savings vehicle for all our client’s because they offer a tax-free way to save for both short-term and long-term goals. This plan is available for all Canadian residents who are 18 years or older, TFSAs can be an ideal addition to registered savings. Any money earned within this plan is TAX FREE keep in mind there are contribution limits. Contact us for more details.
Registered Education Savings Plan (RESP)
A Registered Education Savings Plan (RESP) is a flexible and convenient way to save for your child or grandchild’s future post-secondary education. Income earned within the account is tax-sheltered as long as it remains in the plan. Government grants are available to qualified student beneficiaries to help RESP savings grow even more.
Non-Registered Account
Non-registered accounts are taxable investment accounts available to Canadian citizens. These accounts are flexible, offer tax advantages, and have no contribution limits. This is a great opportunity for anyone who has maxed a TFSA account or someone who wants to leverage funds.
Call us today at 905.405.1200 to discuss about your investments and how to secure your financial future and protect your assets!